Open Banking Payments
Simple, frictionless, and a secure process for your customers.
Pay360's Open Banking payments solution drives real benefit and tangible outcomes to your organisation and for your customer.
Making a difference to your business
Customer Engagement
Offer even more flexible payments methods by using Open Banking payments in your contact centre and keep your customer engaged with your agent through the payment process. Provide your customer with an electronic bill, invoice or reminder in real-time, at the point of requesting payment.
Improve your customer experience
Market data indicates that Open Banking payments are a proven means of increasing customer satisfaction and customer net promoter scores (source: Open Banking Implementation Entity (OBIE)).
Reduce Costs
Through Open Banking payment initiation significant cost savings can be made when compared with traditional card processing and acquiring as your customers make bank payments straight to you rather than using costly card networks and you incurring card processing fees.
Provide better digital engagement
For both self-service and contact centre payments, offer Open Banking payments. Enabling more choice, maximum conversion, and less basket abandonment. With easy integration using Pay360’s Open Banking API you can be offering it in no time.
PCI DSS de-scope
Open Banking payments are secure, with built-in strong customer authentication. No banking data is shared, and because there are no card details processed, there is no PCI DSS compliance overhead.
Improve your cashflow
Pay360 can facilitate rapid transfer of funds to your organisation's bank account(s).
Lower fraud
Every payment is authenticated by the user’s bank and subject to strong customer authentication.
Find out more
Speak to us to see how Open Banking payments can benefit you and your business.
Online
Our solution enables customers making a self-service payment online, to make that payment by selecting the 'pay by bank account' option, as an alternative payment method to using a debit or credit card.
Contact Centre
Pay360's 'payment request' option is available within our 'contact centre' payments product and takes advantage of Open Banking API technologies to enhance your customer payment experience in contact centre engagements.
How do Open Banking Payments work?
Payment
Payment is sent directly from the customer's bank account, using their existing mobile banking app or online bank account.
Customer
Financial data is protected. The customer doesn't need to share their bank account details with the merchant, sign up or download a new app in order to pay. Payment is authorised entirely within their familiar, convenient, secure and trusted banking option.
Payments by Open Banking
Using Open Banking payment initiation means there is no card data processed in the payment, meaning all payments are made outside of PCI DSS scope, which reduces or removes your compliance overheads.
Monetise your digital transformation
Within the UK, there are
6 million
active users of open banking payments
At the end of 2021, over
26.6 million
open banking payments were made
An adoption growth of
1126%
was achieved in the last two years
There were
6.5 Million
Open Banking payments in August 2022
Within the UK
93%
Use online banking
An average growth of nearly
500%
is expected between now and 2024
Client stories
At Karbon we’re constantly looking at ways we can build on the service we offer our customers and providing great digital choice plays a big part in that.
When it comes to customers paying their rent, we want to be at forefront of payment technology to ensure they can make payments in as secure and straightforward way as possible. We’re working in partnership with Pay360 to add Open Banking to our suite of payment methods to further enhance our offer to customers.
With many new banks coming to market with numberless debit cards Open Banking was the next step to ensure our payment channels are open to all and to create that payment culture with our customers. The fact that our transaction charges are lower and that the funds come to us quicker makes this move a no-brainer!
Karbon Homes
Are you ready to experience the power of seamless online payments?
Let’s get started
Fill in the enquiry form today to discuss your needs with our advisors.
- Significant cost savings
- Safe and secure transactions
- Easy integration
- Step-by-step guidance to drive adoption
